Colombia and EU, trade agreement (By Sylodium, international trade directory)

The European Commission said that trade between the European Union and Colombia takes a new turn with fewer restrictions beginning on Aug.

Trade barriers will be lifted followingColombia's ratification in June of the trade agreement that includes Peru, it is expected the trade deal will reduce tariff costs to companies by $663 million annually. But the agreement is also intended to increase trade, which would mean increased revenue for exporters.

The main benefit of the new trade regime will come from a more transparent, predictable and enforceable business environment, according to the European Commission.

The new trade agreement has already been implemented by the euro zone andPeru, asPeruratified the agreement in time to put it into effect in the spring.

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